Calhoun made the announcement during a news conference Thursday afternoon.

"I always said that I would know when it was time, whenever that might be," Calhoun said.

Calhoun, 70, has coached the Huskies to three national championships in his 26-year-tenure as head coach. His last title came in 2011. UConn won national championships in 1999 and 2004 as well.

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He reminisced about his early days at UConn.

"We had to show everyone (in the Big East) we had a place at the table. In fact, we had a loud voice. We had something to say about the future of the game," Calhoun said.

Under a transition agreement, Calhoun will become a Special Assisant to Athletic Director Warde Manuel, according to UConn. Calhoun will work in that role until March, 12, 2013. When Calhoun retires from that position, he will become Head Coach Emeritus, according to UConn.

UConn faces a postseason ban for the 2012-2013 season for failing to maintain an NCAA academic requirement for the 2007-2010 seasons.

"I never ever, ever said that I was mistake free," Calhoun said. "But I was always trying to do the right thing. It didn't always work that way, but I was always trying to do the right thing."

Calhoun's plans for the future became more uncertain after the coach fractured his hip when he fell during a bike ride in August. He walked into Gampel Pavilion Thursday on crutches.

"The hip injury really didn't enter into the decision, except that it gave me more time to think about it and the more I thought about it, the more I became convinced that this was the right time to move on to the next phase of my life," Calhoun said.

In addition to his three national titles, Calhoun retires with 873 wins, seven Big East Tournament titles and four Final Four appearances. He was elected to the Naismith Memorial Basketball Hall of Fame in 2005.